which is a good thing, we have issued into this challenged equity market for the last 2 quarters, creating at least a perceived overhang in the market for our equity.

which is a good thing we have issued into this challenged equity market for the last 2 quarters creating at least a perceived overhang in the market for our equity


a modeling and simulation perspective if you have a clear understanding what the drug in the single dose does

a modeling and simulation perspective if you have a clear understanding what the drug in a single dose does


I mean, I honestly feel like this quarter was another extension of prior quarters. Now what we have seen is we've certainly seen, as we continue to move more towards recurring

i mean honestly i feel like this quarter was another extension of prior quarters now what we have seen is we've certainly seen as we continue to move more towards recurring


We continue to benefit from credit spread tightening in our multifamily portfolio during the quarter as well as solid execution in our distressed residential portfolio.

we continue to benefit from credit spread tightening in our multifamily portfolio during the quarter as well as solid execution in our distressed residential portfolio


thereby increasing sales and profit from each core brand and strengthening each brand's foundation while expanding its reach.


provide additional analytic tools to understand our operations. Tables that reconcile non-GAAP financial measures to GAAP results are also included in our earnings release issued today.

provide additional analytic tools to understand our operations tables that reconcile non-gaap financial measures to gaap results are also included in our earnings release issued today


We talk a lot about United, Optum is in the process of buying DaVita's Medical Group. I know lots of that medical group practice

we talked a lot about united optum is in the process of buying davita's medical group i know lots of that medical group practice


we've got execution to do on the real estate, and we have a track record of executing quite well. We've taken out 205 locations and consolidated them

we've got execution to do on the real estate and we have a track record of executing quite well we've taken out 205 locations and consolidated them


All the progress we made maintaining and acquiring new customers is paying off, and we expect this to continue in 2018 as the market continues to improve.

all the progress we made maintaining and acquiring new customers is paying off and we expect this to continue in 2018 as the market continues to improve


we are anticipating that the impact of the lower tax rate would be almost entirely offset by the actions we will take to reinvest this benefit in our employees and our businesses.


Revenues in both U.S. and international irrigation were modestly improved in the quarter, while infrastructure revenues were substantially higher than the same quarter of last year.

revenues in both u s and international irrigation were modestly improved in the quarter while infrastructure revenues were substantially higher than the same quarter last year


We believe that we are well-positioned, both from a human capital standpoint, a balance sheet standpoint, and a real estate standpoint

we believe that we are well positioned both from a human capital standpoint a balance sheet standpoint and a real estate standpoint


and quickly catch up on that backlog both in terms of frozen access conditions that we're seeing right now and more importantly access to our services.


Okay. Do you have a view on what Chlor Alkali operating rates were for -- were in China last quarter and maybe where they are today?

okay do you have a view on what chlor alkali operating rates were for -- were in china last quarter and maybe where they are today


Yes, this is Billy Helms. I think what you're seeing is a result of the increased activity there in the Delaware Basin relative to the overall program. We're drilling

yes this is billy helms i think what you're seeing is a result of the increased activity there in the delaware basin relative to the overall program we're drilling


not only have we integrated these crucial acquisitions at the right time for us, but we believe that we also have the skills to actually drive them higher.

not only have we integrated these crucial acquisitions at the right time for us but we believe that we also have the skills to actually drive them higher


I personally don't think they're related to our move to Connected 4 Growth, which is absolutely needed and certainly will put the company in a better position as we move forward.

i personally don't think they're related to our move to connected for growth which is absolutely needed and certainly will put the company in a better position as we move forward


So now we do not set prices centrally in the bank, meaning that that is left to the branch offices to do

so now we do not set prices centrally in the bank meaning that that is left to the branch offices to do


Yes. With regards Strategic Accounts, and I've said this many times in the past, these are binary, and they typically happen at the end of the year. So while the team does have

yes with regard to strategic accounts i've said this many times in the past these are binary and they typically happen at the end of the year so while the team does have


as guests in the area are looking forward to next season at the newly improved Wilmot Mountain, as well as the opportunity to ski at our western resorts, all on the same pass.

as guests in the area are looking forward to next season at the newly improved wilmot mountain as well as the opportunity to ski at our western resorts all on the same pass


Okay, that's my report. Thanks, Jeffery. Next, I would like to respond to some of the questions raised by

okay that's my report thanks jeffrey next i would like to respond to some of the questions raised by


CAP reported 11% revenue growth after adjusting for 35 points of streamline activities and FX, with China revenue growth once again in the high teens on the same basis.

cap reported 11% revenue growth after adjusting for 35 points of streamline activities and fx with china revenue growth once again in the high teens on the same basis


Improving our recovery process has been a strategic focus throughout this fiscal year, as high recoveries benefit cash collections and reduce loss rates on our allowance for bad debt.

improving our recovery process has been a strategic focus throughout this fiscal year as higher recoveries benefit cash collections and reduce loss rates on our allowance for bad debt


So what we look at from an acquisition point of view that is the add-on, bolt-on character that will happen from time to time, so sort of when

so what we look at from an acquisition point of view that is the add-on bolt-on character that will happen from time to time so sort of when


The next major investment, the first tranche of that really starts to impact our results in 2018. And certainly, the driver

the next major investment the first tranche of that really starts to impact our results in 2018 and certainly the driver


So it depends on the nature of the fixed cost. So you're right. You do not -- you don't need the second analytical lab. But as you grow with the different consumer trends,

so it depends on the nature of the fixed cost so you're right you do not -- you don't need the second analytical lab but as you grow with the different consumer trends


What we're trying to do is -- which is obvious, is we're trying to marry the best response rates and the best credit quality customers.

what we're trying to do is which is obvious is we're trying to marry the best response rates and the best credit quality customers


Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines. Have a good day, everyone.

ladies and gentlemen this does conclude the conference call for today we thank you for your participation and ask that you please disconnect your lines have a good day everyone


We will invest in Salt Lake City to be able to get to Tier 3 gasoline, and then we'll balance out the rest of our system to be able to be in compliance with it.

we will invest in salt lake city to be able to get to tier 3 gasoline and then we'll balance out the rest of our system to be able to be in compliance with it


I'll call out a couple of factors affecting the comparison. Incremental revenue from the DAT acquisition was partially offset by a negative impact from foreign currency.

i'll call out a couple of factors affecting the comparison incremental revenue from the dat acquisition was partially offset by a negative impact from foreign currency


We continue to believe that DC Bead has very positive revenue potential for SciClone. Our development portfolio continues to progress

we continue to believe that ecb has very positive revenue potential for cyclone our development portfolio continues to progress


Much of this merchandising also includes some subtle, but meaningful changes to our assortments. More focus on accessories and new categories like kids

much of this merchandising also includes some subtle but meaningful changes to our assortments more focus on accessories and new categories like kids


The development of our tandem quadrupole Xevo platform has enabled us to meet the evolving demands for reproducible quantification capabilities for both small and large molecules.

the development of our tandem quadrupole xebio platform has enabled us to meet the evolving demands for reproducible quantification capabilities for both small and large molecules


We can go into a sister hospital and in many cases, it's across the street and wonder if they want to do the same thing in response to the bupivacaine shortage and they look at us like we just dropped out of a spaceship.

we can go into a sister hospital and in many cases it's across the street and wonder if they wanted to do the same thing in response to the bupivacaine shortage and they look at us like we just dropped out of a spaceship


In cases where it is understood that forward-looking statements are no longer achievable, such matter will be announced to the public and the statements will be revised.

in cases where it is understood that forward-looking statements are no longer achievable such matter will be announced to the public and the statements will be revised


would be a higher priority for us going forward. And so as I said, I think there'll be significant excess cash that will build up over time. And

would be a higher priority for us going forward and so as i said i think there'll be significant excess cash that will build up over time and


And while we saw a slight decline in lease-related demand, decline was partially due to the Easter shift, and we expect leisure to improve in the second half of the year.

and while we saw a slight decline in leisure-related demand the decline was partially due to the easter shift and we expect leisure to improve in the second half of the year


Now I'd like to provide an update on our capital recycling efforts. As announced on our last call, we closed on the sale of the Hilton Berlin during the second quarter,

now i'd like to provide an update on our capital recycling efforts as announced on our last call we closed on the sale of the hilton berlin during the second quarter


as Old Parr declined due to recent tax increases in Colombia and continued declines on Windsor due to scotch category contraction in Korea

as all part declined due to recent tax increases in colombia and continued declines on windsor due to scotch category contraction in korea


is very, very, very competitive. And so our bankers have been very disciplined about keeping as much price and getting paid for risk as we could.

it's very very very competitive and so our bankers have been very disciplined about keeping as much price and getting paid for risk as we could


On the offset of that, we actually made an acquisition earlier in the year. So you asked a question about inventory. I don't know if it was for China,

on the offset of that we actually made an acquisition earlier in the year so you asked a question about inventory i don't know if it was for china


compared with the third quarter of 2015. The decline was due to continued weakness in upstream natural gas processing, petrochemical and LNG markets.

compared with the third quarter of 2015 the decline was due to continued weakness in upstream natural gas processing petrochemical and lng markets


Forward-looking statements made during today's call are subject to risks and uncertainties, which are discussed at length in our press releases as well as our SEC filings.

forward-looking statements made during today's call are subject to risks and uncertainties which are discussed at length in our press releases as well as our sec filings


We believe that our ability to attract and retain customers comes in from our ongoing commitment to understanding our customers' business performance requirements, and further,

we believe that our ability to attract and retain customers comes from our ongoing commitment to understanding our customers' business performance requirements and further


and ongoing high-quality training to handle future technician requirements as vehicles become more complex with the increased adoption of technology.


emerging markets, like Latin America and Southeast Asia. Those markets tend to be a little bit more expensive for us as we continue to invest to see the growth.

emerging markets like latin america and southeast asia those markets tend to be a little bit more expensive for us as we continue to invest to feed the growth


if there are any deficiencies, if there's any area where the physician may have missed a signature or there may be some missing

if there are any deficiencies if there's any area where the physician may have missed a signature or there may be some missing


for your Chinese JVs, and I think you're -- you and your team have expressed a bit of frustration of that apparent lack of value implied

for your chinese jvs and i think you and your team have expressed a bit of frustration of that apparent lack of value that implied


in mass, specifically in club, and then in selected grocery customers across the country. That affected our volume significantly in both May and June.

in mass specifically in club and then in selected grocery customers across the country that affected our volume significantly in both may and june


So again, strategically, when we acquired Stelmi several years ago, we intended to build capacity first and then try to expand that capacity to other regions.

so again strategically when we acquired stelmi several years ago we intended to build capacity first and then try to expand that capacity to other regions


Got it. Great. And then looking to Texas, just wanted to get your outlook on when you see that market bottoming out

got it great and i'm looking to texas just wanted to get your outlook on when you see that market bottoming out


larger projects. As you said, the revenue share is larger that's why there should be some room to grow further in the next 2 years.

larger projects as you said the revenue share is larger that's why there should be some room to grow further in the next 2 years


to maintain competitiveness. One of the big advantages we think we have and one of the reasons we don't believe necessary that the Amazon threat becomes a

to maintain competitiveness one of the big advantages we think we have and one of the reasons we don't believe necessarily that the amazon threat becomes a


We have had a variety of customers discuss this very issue with us. And I expect, with each passing month, as we draw nearer to the deadline, that concern will more fully manifest itself.

we have had a variety of customers discuss this very issue with us and i expect with each passing month as we draw nearer to the deadline that concern will more fully manifest itself


Well, what's happening here is we need to spend more resources in delivering some of the large digital transformation projects,

well what's happening here is we need to spend more resources in delivering some of the large digital transformation projects


So we're very excited about the ongoing portfolio transformation and continue to look for other opportunities to advance our profitable growth strategy.

so we're very excited about the ongoing portfolio transformation and continue to look for other opportunities to advance our profitable growth strategy


We expect a continued acceleration of the underlying trading operating profit margin in the second half, supported by further progress with our efficiency programs,

we expect a continued acceleration of the underlying trading operating profit margin in the second half supported by further progress with our efficiency programs


We remain focused on increasing earnings, producing strong cash ROE and delivering sustainable operating cash flows. We continue to successfully execute our disciplined growth strategy,

we'll remain focused on increasing earnings producing strong cash roe and delivering sustainable operating cash flows we continue to successfully execute our disciplined growth strategy


the -- even some of our sell-throughs right now are strong. And our positioning with some of our customers for anniversary events and you name it also looks pretty good. So

the -- even some of our sell-throughs right now are strong and our positioning with some of our customers for anniversary events and you name it also looks pretty good so


But we should not forget that these acquisitions are bringing -- what these acquisitions are bringing beside the pure business opportunity, and this is an immediate effect.

but we should not forget that these acquisitions are bringing -- what these acquisitions are bringing beside the pure business opportunity and this is an immediate effect


are compensated and care about that see it. So we're going to get our momentum back, but it's not going to happen as quick as we had hoped. The realities on the ground are what they are.

compensated and care about that see it so we're going to get our momentum back but it's not going to happen as quick as we had hoped the realities on the ground are what they are


We look very different today than 5 years ago. For example, clinical and technology professionals are the first and third largest job categories across UnitedHealth Group.

we look very different today than 5 years ago for example clinical and technology professionals are the first and third largest job categories across unitedhealthgroup


So we're fully staffed, we're ready to serve the customer. And when the job sites aren't open because they're flooded or because of significant rain, we incur that incremental cost without the sales.

so we're fully staffed we're ready to serve the customer and when the job sites aren't open because they're flooded or because of significant rain we incur that incremental cost without sales


creates opportunities for us in a lot of ways, but there's not -- we're not looking to start swapping with folks to create a different kind of portfolio.

creates opportunities for us in a lot of ways but there's not -- we're not looking to start swapping with folks to create a different kind of portfolio


evaluated to be approximately 3.3 turns per year. Higher levels of inventory were primarily related to an increase in raw material inventory,

evaluated to be approximately 3 3 turns per year higher levels of inventory were primarily related to an increase in raw material inventory


of who we are and where we come from and involve that and make it current for today and have better authentic style, better quality and be more relevant,

who we are and where we come from and evolve that and make it current for today and have better authentic style better quality and be more relevant


As we've highlighted in the past, the ability to adjust platform interest rates based on economic conditions, credit performance or investor appetite is a key benefit of the marketplace model,

as we've highlighted in the past the ability to adjust platform interest rates based on economic conditions credit performance or investor appetite is a key benefit of the marketplace model


Fourth, we are resetting our culture to one based on accountability, more engaged in empowered employees, in close collaboration with our customers.

fourth we are resetting our culture to one based on accountability more engaged and empowered employees in close collaboration with our customers


and remain a rare occurrence, not least because QE is supporting credit fundamentals and providing cheap funding to the region's banks.

and remain a rare occurrence not least because qe is supporting credit fundamentals and providing cheap funding to the region's banks


Right now, we've lost a lot of that market. We intend to get it back. So I -- it's hard for me to answer you in percentages.

right now we've lost a lot of that market we intend to get it back so i -- it's hard for me to answer you in percentages


is redeveloped space that includes pre-builts and white boxed full and partial floors ready for lease-up.

is redeveloped space that includes pre-built and white-boxed full and partial floors ready for lease-up


But I've learned from experience that that's not the case. So the fact that we had retirement slow down a little bit was not a particular surprise here.

but i've learned from experience that that's not the case so the fact that we had retirement slow down a little bit was not a particular surprise here


increase in net insurance service revenues was the result of our repricing efforts and claims activity tracking to our trend forecast.

the increase in net insurance service revenues was the result of our repricing efforts and claims activity tracking to our trend forecast


and utilize our cash flows and available facilities to fund our ongoing capital and ongoing operational requirements.


Equally important, we made strides in how we manage the business. Our management team is now established and organized to effectively implement best practices.

equally important we made strides in how we manage the business our management team is now established and organized to effectively implement best practices


As always, we will continue to monitor our performance at all of our businesses, not just those servicing the energy market and take appropriate actions as warranted.

as always we will continue to monitor performance at all of our businesses not just those servicing the energy market and take appropriate actions as warranted


Okay, great. And then just a question on acquisitions. I feel like this question gets asked to every lessor on every conference call, but given that there have been fleets more recently that have been put up for sale

okay great and then just a question on acquisitions i feel like this question gets asked to every lesser on every conference call but given that there have been fleets more recently that have been put up for sale


basically, all the manual entries that we do now that are subject to any kind of human error and require massive amounts of review time will all become automated.

basically all the manual entries that we do now that can -- are subject to any kind of human error and require massive amounts of review time will all become automated


The launch of that and also the opportunity to make your relationships perhaps more sticky through that portal?

the launch of that and also the opportunity to make your relationships perhaps more sticky through that portal


While we do not provide earnings guidance, our fourth quarter is generally our strongest quarter, and we believe that it is likely to be the case this year as well.

while we do not provide earnings guidance our fourth quarter is generally our strongest quarter and we believe that it is likely to be the case this year as well


So can you help just me understand what that comment meant and help me square that with your comment earlier that business activity has started the year pretty well for you?

so can you help just me understand what that comment meant and help me square that with your comment earlier that business activity has started the year pretty well for you


segment where Tele2 and T-Mobile are very aggressive leveraging the low utilization in their network. And that's also the reason why we have taken the decision

segment where tele2 and t-mobile are very aggressive leveraging the low utilization in their network and that's also the reason why we have taken the decision


increase our cost basis as a result. And so whether or not we could actually have the metal prices pegged to the ASPs of batteries,

increase our cost basis as a result and so whether or not we could actually have the metal prices pegged to the asps of batteries


These changes conform to recent regulatory precedent and optimize our opportunity to have both doses labeled with very competitive efficacy and safety results.

these changes conform to recent regulatory precedent and optimize our opportunity to have both doses labeled with very competitive efficacy and safety results


As far as the approval process goes for the repurchase, the regulators asked us to submit a plan at

as far as the approval process goes for the repurchase the regulators asked us to submit a plan at


We're focusing on developing even more ways to share and celebrate and learn from each other and to energize each other. Possibilities there are endless.

we're focusing on developing even more ways to share and celebrate and learn from each other and to energize each other the possibilities there are endless


The change in commission rates triggered a considerable number of new group bookings in the first quarter, largely for meetings taking place in 2020 and beyond.

the change in commission rates triggered a considerable number of new group bookings in the first quarter largely for meetings taking place in 2020 and beyond


Importantly, the capacity at these terminals has been contracted the same way we contract capacity at our other terminals.

importantly the capacity at these terminals has been contracted the same way we contract capacity at our other terminals


I'd like to briefly remind everyone about our firmly committed terminaling services contracts, which underpin the stability of our cash flows.

i'd like to briefly remind everyone about our firmly committed terminating services contracts which underpin the stability of our cash flows


Of course, the corresponding loss ratio is in the 20s or 30s. The same is true of some of our risk-managed business within Commercial Specialty.

of course the corresponding loss ratio is in the 20s or 30s the same is true of some of our risk-managed business within commercial specialty


This growth was somewhat offset by lower premium in Argo REIT due to increased competition. Having said that, we do see some signs that the market is bottoming.

this growth was somewhat offset by lower premium in argo re due to increased competition having said that we do see some signs that the market is bottoming


is this the margin you thought you were going to have when you came into the year? Or are you -- is the margin a little compressed versus what you thought when you came into the year?

is this the margin you thought you were going to have when you came into the year or are you -- is the margin a little compressed versus what you thought when you came into the year


but we have reasons to be optimistic. While bad news in the Commonwealth continues to capture headlines, many of the underlying developments tell a more positive story.

but we have reasons to be optimistic while bad news in the commonwealth continues to capture headlines many of the underlying developments tell a more positive story


It'll keep looking good if we keep up with this hot weather. But Robert, you know that this weather normalization is a little bit more of a art than a science.

well we'll keep looking good if we keep up with this hot weather but robert you know that this weather normalization is a little bit more of an art than a science


While increased storm activity continued during the third quarter, including impact from Hurricane Florence, the effect on our territories was modest compared to expectations.

while increased storm activity continued during the third quarter including impact from hurricane florence the effect on our territories was modest compared to expectations


I'll remind everyone that remarks made during this conference call will include some forward-looking statements. The company's actual results could differ materially from those projected.

i remind everyone that remarks made during this conference call will include some forward-looking statements the company's actual results could differ materially from those projected


The double-digit organic revenue gain was the primary driver to improved results, as significant improvements were noted in each of our 3 largest European operations.

the double-digit organic revenue gain was the primary driver to improve results as significant improvements were noted in each of our 3 largest european operations


That said, there should be no further adverse capacity impact over the remainder of the construction cycle, and we expect the renovation of the Javits Center will deliver benefits to us longer term.

that said there should be no further adverse capacity impact over the remainder of the construction cycle and we expect the renovation of the javits center will deliver benefits to us longer term


winter sports industry, and we'll find some customers that will be in the November show and some customers that will be in the January show. I don't think the market in the future will see them as separate

winter sports industry and we'll find some customers that will be in the november show and some customers that will be in the january show i don't think the market in the future will see them as separate


We remain cautious in our review of opportunities, but -- and currently expect our pace of convenience store acquisitions will moderate from last year.

we remain cautious in our review of opportunities but -- and currently expect our pace of convenience store acquisitions will moderate from last year


from various items mainly from a slight increase in the DSOs in some countries and we are working with that. And also from some

from various items mainly from a slight increase in the dsos in some countries and we're working with that and also from some


Our third quarter results included considerable strength in mass cytometry in both instruments and consumables, but with a decline in our microfluidic genomics business.

our third quarter results included considerable strength in mass cytometry in both instruments and consumables but with a decline in our microfluidic genomics business


and those types of things that are molded from this polypropylene for cars. So we're -- what we're experiencing really is across-the-board decreases in the customers where

and those types of things that are molded from this polypropylene for cars so what we're experiencing really is across the board decreases in the customers where


Even though we are in the season of the year prior to summer when alarm sales tend to naturally increase, this growth is far ahead of the average growth of the industry in this region.

even though we are in the season of the year prior to summer when alarm sales tend to naturally increase this growth is far ahead of the average growth of the industry in this region


like your ability -- you still have an ability to grow your net retrans between now and 2020? We do. We do.

like your ability -- you still have an ability to grow your net retrans between now and 2020 we do okay


Our local network broadcast content is an integral component at even the most basic tiers of service as well as all the virtual MVPD packages. As a result,

our local network broadcast content is an integral component of even the most basic tiers of service as well as all the virtual mvpd packages as a result


Currency headwinds in several of the foreign countries in which the company has operations, which had negatively impacted prior quarters, abated in the second quarter.

currency headwinds in several of the foreign countries in which the company has operations which had negatively impacted prior quarters abated in the second quarter


Our plan is to be fully up and running in these premises by very early 2019, and we expect cash payback on the investment in about 5 years from then.

our plan is to be fully up and running in these premises by very early 2019 and we expect cash payback on the investment in about 5 years from then


would allow us to test the market and see its adoption and hopefully, will lead to higher and better yields for us. If it works and the adoption for data set improves,

would allow us to test the market and see its adoption and hopefully will lead to higher and better yields for us if it works and the adoption for data as it improves


excuse me, as mentioned previously, we project a decrease in our inventory investment over the balance of the year. Hence reducing our working capital investment and freeing up funds for alternate uses.

as mentioned previously we project a decrease in our inventory investment over the balance of the year hence reducing our working capital investment and freeing up funds for alternate uses


Our team has made excellent progress on the strategic priority of building a world-class deployment capability. These efforts have directly resulted in our successes to date,

our team has made excellent progress on the strategic priority of building a world-class deployment capability these efforts have directly resulted in our successes to date


And as we just think about the energy portfolio and reserves around the energy portfolio, and I know there's some questions about whether we released reserves or

and as we just think about the energy portfolio and reserves around the energy portfolio and i know there's some questions about whether we release reserves or


Any more color on this? And I think you mentioned a few minutes ago that there could be some higher syndication fees in 4Q. I'm curious if this is energy related.

any more color on this i think you mentioned a few minutes ago that there could be some higher syndication fees in 4q i'm curious if this is energy related


Overseas business is another growth domain, but as you can see, the road hasn't been entirely smooth lately.

overseas business is another growth domain but as you can see the road hasn't been entirely smooth lately


we did have elevated NRCs. They were higher than we expected, but really the point I want to make here, they should be transitional in nature.

we did have elevated nrcs they were higher than we expected but really the point i want to make here is they should be transitional in nature


Incremental strategic investments lowered margins by 70 basis points in the quarter. As we indicated during our December outlook meeting,

incremental strategic investments lowered margins by 70 basis points in the quarter as we indicated during our december outlook meeting


First one is, did we make progress from the previous quarter? The second one is, do you feel confident now with the supply you have to service your current customers? And the third one is,

first one is did we make progress from the previous quarter the second one is do you feel confident now with the supply you have to service your current customers and the third one is


If you look through these 2 major items, our earnings and net operating income are basically flat with last year's June quarter,

if you look through these 2 major items our earnings and net operating income are basically flat with last year's june quarter


So the end game would be that we would keep the best of breed in equity fixed income and passive and develop the multi-asset capabilities along with that.

so the end game would be that we would keep the best of breed in equity fixed income and passive and develop the multi-asset capabilities along with that


and ensuring that we do everything we can through our -- with our Corporate Trust business to leverage all the relationships that we have for those people that make the decisions on who the trustee is going to be.

and ensuring that we do everything we can through our -- with our corporate trust business to leverage all of the relationships that we have for those people that make the decisions on who the trustee is going to be


are not going to -- they're going to obviously proactively invest to grow their business. They won't proactively invest in environmental equipment unless they see a regulation that forces them to do so.

are not going to -- they're going to obviously proactively invest to grow their business they won't proactively invest in environmental equipment unless they see a regulation that forces them to do so


Japan is a great example of thinking through how do you do these TAM calculations because we'll see what the mix is with regard to laparoscopy versus

japan is a great example of thinking through how do you do these tam calculations because we'll see what the mix is with regard to laparoscopy versus


which we have never included in our dealership business. We expect that to be hundreds of thousands of members a year, obviously, giving us new customers

which we have never included in our dealership business we expect that to be hundreds of thousands of members a year obviously giving us new customers


But so I would say, the heavy lifting to get open is over, and now we are excited about the heavy lifting to crank this up into the type of revenue that we're used to.

but so i would say the heavy lifting to get open is over and now we are excited about the heavy lifting to crank this up into the type of revenue that we're used to


What are the annualized benefits of those, the reduction in amortization and your change in pension accounting?

what are the annualized benefits of those the reduction in amortization and your change in pension accounting


to look at things like what are the operational assumptions for our fleets, what's our assumptions around retirements, what are we seeing about what visibility are we getting on the cost of shop visits

to look at things like what are the operational assumptions for our fleet what's our assumptions around retirements what are we seeing about what visibility we're getting on the cost of shop visits


we are operating in environments where cost savings require a certain prework, which is called a social dialogue.

we are operating in environments where cost savings require a certain pre-work which is called social dialogue


The strong rand against the dollar in the same period resulted in lower rand reported finance costs on the year denominated debt at the holding company level.

the strong rand against the dollar in the same period resulted in lower rand reported finance costs on the used dollar-denominated debt at the holding company level


We are committed to growing the business of our key suppliers and partnering with them to ensure that they achieve their volume and profitability objectives.

we are committed to growing the business of our key suppliers and partnering with them to ensure that they achieve their volume and profitability objectives


will begin to ease somewhat in the coming year. We also expect that reductions in our nondiscretionary capital expenditures should generate increased free cash flow

will begin to ease somewhat in the coming year we also expect that reductions in our nondiscretionary capital expenditures should generate increased free cash flow


And we think that's the more sustainable way, which is what our investors are looking for, that we have sustainable cash flows going up.

and we think that's the more sustainable way which is what our investors are looking for that we have sustainable cash flows going up


but we have a lot of other areas, and there's a lot of energy around this subject, has been. And I think we're getting more effective at executing more quickly

but we have a lot of other areas and there's a lot of energy around this subject has been and i think we're getting more effective at executing more quickly


will provide us a better platform on which ZALVISO can more easily follow after health care professionals are educated on and experienced with

will provide us a better platform on which zalviso can more easily follow after healthcare professionals are educated on and experienced with


we would expect a final decision as to approval for our DZUVEO marketing authorization by early third quarter of this year.

we would expect a final decision as to approval for our duzuvio marketing authorization by early third quarter of this year


We will continue to provide updates to these slides each quarter. And now Vince will walk you through a more detailed look at segments' earnings.

we will continue to provide updates to these slides each quarter and now vince will walk you through a more detailed look at segment earnings


We will continue to drive growth in the Consumer Products Group by accelerating growth of our branded portfolio with innovation and targeted marketing.

we will continue to drive growth of the consumer products group by accelerating growth of our branded portfolio with innovation and targeted marketing


The cancer field is big enough that we could make access to the platform available to others to optimize their vaccine platforms as well.

the cancer field is big enough that we could make access to the platform available to others to optimize their vaccine platforms as well


And we are increasingly willing to let things go and to lose an order, because we believe that the market is supported going forward.

and we are increasingly willing to let things go and to lose an order because we believe that the market is supportive going forward


I don't mean to give the impression that this challenge is behind us, because we're at the beginning of the upstream recovery, the downstream recovery is about a year old.

i don't mean to give the impression that this challenge is behind us because we're at the beginning of the upstream recovery the downstream recovery is about a year old


It's important to note that our investments to bring new technology to market and to help large customers implement sizeable vision projects remain intact.

it's important to note that our investments to bring new technology to market and to help large customers implement sizable vision projects remain intact


And then just in terms of long term, I guess you've never really stated a target leverage ratio, but

and then just in terms of long term i guess you've never really stated a target leverage ratio but


As we have explained in previous conference calls, the company is focusing on certain strategic avenues in order to achieve this transformation,

as we have explained in previous conference calls the company is focusing on certain strategic avenues in order to achieve this transformation


taking our plans and putting them into implementation. So we have a new leader that has taken over responsibility for our marketing business that joined just 2 weeks ago.

taking our plans and putting them into implementation so we have a new leader that has taken over responsibility for our marketing business that joined just 2 weeks ago


is the fruits of our labor for the last 3 years, just like you talked about with that farmer, the situation is,

is the fruits of our labor for the last 3 years just like you talked about with that farmer the situation is


and other regulatory fees on a net basis, consistent with how we have traditionally reported other pass-through items like sales taxes.

and other regulatory fees on a net basis consistent with how we have traditionally reported other pass-through items like sales taxes


really very much in line with what we would like to see. We don't need these patients to have high blood pressures when they're lying down at night. In fact midodrine and droxidopa carry box warnings

really very much in line with what we would like to see we don't need these patients to have high blood pressures when they're lying down at night in fact midodrine and droxidopa carry box warnings


We remain committed to the buyback program, which we believe demonstrates our confidence in the business and commitment to returning capital to stockholders.

we remain committed to the buyback program which we believe demonstrates our confidence in the business and commitment to returning capital to stockholders


and this will create opportunities for Electrovaya. We are also pleased that our technology continues to gain recognition from key stakeholders.

and this will create opportunities for electrovia we are also pleased that our technology continues to gain recognition from key stakeholders


the transfers, the value of the transfers against having capacity at some cost-plus model. And the capacity that

the transfers the value of the transfers against having capacity at some cost-plus model and the capacity that


So I'm just curious, what do you think it'll take to actually get those new expansion projects going again? I'm just curious about the visibility you have around that ramp going throughout the year.

so i'm just curious what do you think it'll take to actually get those new expansions -- new expansion projects going again and just curious about the visibility you have around that ramp going throughout the year


Placing the video in a fixed bar at the top of the page allows the user to continuously view a video embedded on an article page,

placing the video in a fixed bar at the top of the page allows the user to continuously view a video embedded on an article page


I think that banks are a function, in many ways from a revenue point of view, of the underlying levels of activity in an economy that flows through our systems.

i think that banks are a function in many ways from a revenue point of view of the underlying levels of activity in an economy that flows through our systems


We believe we are adequately provisioned on our defaulted book due to the restructures we have implemented, as well as the security we hold in the form of guarantees and other assets.

we believe we are adequately provisioned on our defaulted book due to the restructures we have implemented as well as the security we hold in the form of guarantees and other assets


Stephanie, thank you. We'd like to thank everyone again for calling in this morning and for your participation on the call. And obviously, please contact me if you have any further questions. Thank you.

stephanie thank you we'd like to thank everyone again for calling in this morning and for your participation on the call and obviously please contact me if you have any further questions thank you


This is a robust growing category that has been around for years and is being accelerated by a deep launch schedule of new and evergreen intellectual property.

this is a robust growing category that has been around for years and is being accelerated by a deep launch schedule of new and evergreen intellectual property


Okay, great. And in the past you've been able to quantify the approximate percentage of your operating EBITDA that comes from these retail royalties. Is that a number you can break out for us now?

okay great and in the past you've been able to quantify the approximate percentage of your operating ebitda that comes from these retail royalties is that a number you can break out for us now


Yes. So the color is there is really no color, which is to say if you were to go back over the course of the last 8 quarters and take

yes so the color is there is really no color which is to say if you were to go back over the course of the last 8 quarters and take


More times than not, they're not upheld at an individual level. So -- and I'm not going to speculate on what we think is going to happen in this one, we're going to get that answer fairly soon.

more times than not they're not upheld at an individual level so -- and i'm not going to speculate on what we think is going to happen in this one we're going to get that answer fairly soon


I just want to ask about retention going into the big selling season. How do you guys feel about retention going forward coming into the selling season here?

i just want to ask about retention going into the big selling season how do you guys feel about retention going forward coming into the sailing season here


the Chilean economy, very much related to mining, and I would say there had been strengthening earlier but the Chilean economy still remains somewhat weak. I think the political situation there

the chilean economy very much related to mining and i would say there had been strengthening earlier but the chilean economy still remains somewhat weak i think the political situation there


For example, we have continued our efforts to improve in-stock positions on key categories like vinyl, engineered hardwood and engineered bamboo.

for example we have continued our efforts to improve in-stock positions on key categories like vinyl engineered hardwood and engineered bamboo


We've already received 1,500 containers that will be financed with debt. We're also investing in technology projects, including transportation management system

we've already received 1 500 containers that will be financed with debt we're also investing in technology projects including transportation management systems


because they don't want to be in a position to miss the opportunity to increase their recovery from these reservoirs by


any pick up in that activity now that you've seen a little bit better conditions in energy markets?

any pickup in that activity now that you've seen a little bit better conditions in energy markets


With respect to our decision to suspend the dividend, we are mindful of our current performance, the current state of the marketplace

with respect to our decision to suspend the dividend we are mindful of our current performance the current state of the marketplace


if this program continues, it should ultimately supplant the work that is being done by ZPICs and also on ADRs and so forth.

if this program continues it should ultimately supplant the work that is being done by zpics and also on adrs and so forth


But secondly, the beverage -- several of our beverage customers are seeing some softness in their demand. So as a result, they're actually pulling back a bit on inventory.

but secondly the beverage -- several of our beverage customers are seeing some softness in their demand so as a result they're actually pulling back a bit on inventory


which is currently scheduled as our second slickwater appraisal test in Area 2. We could also make this a 2-well pad instead of a single well as it's currently scheduled.

which is currently scheduled as our second full quarter appraisal test in area 2 we could also make this a 2-well pad instead of a single well as it's currently scheduled


I'd say what's going on. I would -- mostly-- Downstream's a little softer than we had forecasted at that time. There's been some new business that we've had that's been delayed,

i'd say what's going on i would mostly downstream is a little softer than we had forecast at that time there's been some new business that we've had that's been delayed


We are also well-positioned to capture new polypropylene process licenses and continue to see high levels of activity in our licensing business.

we are also well positioned to capture new polypropylene process licenses and continue to see high levels of activity in our licensing business


the margins to create new offerings that will allow us to grow further in the future. So in fact,

the margins to create new offerings that will allow us to grow further in the future so in fact


Based on what we know today, we expect fuel and gain on sale to be headwinds in 2016, hopefully, offset by improvements in our utilization, especially in the second half of the year.

based on what we know today we expect fuel and gain on sale to be headwinds in 2016 hopefully offset by improvements in our utilization especially in the second half of the year


or reduce our chassis costs and improve container turns. This focus will ultimately help improve our overall Intermodal cost and improve our operating ratio.

or reduce our chassis costs and improve container turns this focus will ultimately help improve our overall intermodal cost and improve our operating ratio


In Iraq, signs of increased activity are emerging in the north, with at least one major IOC expected to resume activity during the first quarter.

in iraq signs of increased activity are emerging in the north with at least one major ioc expected to resume activity during the first quarter


Okay, got it. And I don't know if you could mention the actual -- is it enough to be a couple of pennies or anything directionally? Or not yet, too early?

okay got it and i don't know if you could mention the actual is it enough to be a couple of pennies or anything directionally or not yet too early


We actually think it's very attractive asset. So we wanted to maximize our ownership stake, but at the same time, not provide any capital.

we actually think it's very attractive asset so we wanted to maximize our ownership stake but at the same time not provide any capital


As a result of this decision, a contract termination dispute has arisen, and we have recorded a pretax charge of 2.8 million during the quarter.

as a result of this decision a contract termination dispute has arisen and we have recorded a pretax charge of 2 8 million during the quarter


Ladder expresses its view of the commercial real estate market and of specific opportunities within it by making loans, investing in debt securities and acquiring real estate,

ladder expresses its view of the commercial real estate market and of specific opportunities within it by making loans investing in debt securities and acquiring real estate


The turn we are now seeing is due to a higher proportion of larger, more complex projects. And as such, can drive a longer lag

the turn we are now seeing is due to a higher proportion of larger more complex projects and as such can drive a longer lag


and solutions revenue and handset sales revenue is increasing and they are contributing a lot. Could you explain the reason why they are growing?

and solutions revenue and handset sales revenue is increasing and they are contributing a lot could you explain the reason why they are growing


And I just want to understand kind of what the offset was, because it sounds like cost pressures are actually rather benign. Could you help us think through that a little bit?

and i just want to understand kind of what the offset was and it sounds like cost pressures are actually rather benign could you help us think through that a little bit


expands our medical device capabilities and adds needed capacity to accommodate the significant demand from biotech and pharma clients.


We announced strategic partnerships with software vendors and a research institution to leverage SDN for the automation and advanced control of microwave networks.

we announced strategic partnerships with software vendors and a research institution to leverage sdn for the automation and advanced control of microwave networks


historically and continue to believe that a target is not as relevant as making sure that we're maintaining flexibility. And so to the extent that

we historically and continue to believe that a target is not as relevant as making sure that we're maintaining flexibility and so to the extent that


In addition, many of our plants are launching multiple off-highway programs. We have indications from our customers to expect this growth to continue, which will certainly benefit the segment.

in addition many of our plants are launching multiple off-highway programs we have indications from our customers to expect this growth to continue which will certainly benefit the segment


with that concept in the Flavors group, and I think, a lot of the execution of that, we're going to continue to see improvements on that in 2017. That is going to be key

with that concept in the flavors group and i think a lot of the execution of that we're going to continue to see improvements on that in 2017 that is going to be key


So we are expecting a letter -- an open letter from Ofgem this summer. What we expect that letter to include is basically a set of questions that they think should be asked

so we are expecting a letter for -- an open letter from offgem this summer what we expect that letter to include is basically a set of questions that they think should be asked


to create our ongoing foundation for growth. Finance drove our focus on operational efficiencies. Supply chain brought our new distribution network online.

to create our ongoing foundation for growth finance drove our focus on operational efficiencies supply chain brought our new distribution network online


all of these provide us with a solid foundation for the rest of this year and 2018. Thank you for your time. Thank you for participating

all of these provide us with a solid foundation for the rest of this year and 2018 thank you for your time thank you for participating


But as we saw the complete magnitude of the freight and everything else and the really strengthening demand, we made some pretty significant moves here in May.

but as we saw the complete magnitude of the freight and everything else and the really strengthening demand we made some pretty significant moves here in may


now course-correcting quickly and decisively. Together with the rest of the organization, we have set out to restore the Tile Shop way of doing business.

and are now course correcting quickly and decisively together with the rest of the organization we have set out to restore the tile shop way of doing business


in terms of preserving our profitability. So this is a little bit what we are doing and we're thinking -- we think we are doing it well.

in terms of preserving our profitability so this is a little bit what we are doing and we're thinking we think we are doing it well


and the entire remodeling that has been done. Graham can unpack it further in addition to adding color to what he put in the presentation. Importantly, we are not throwing all of our eggs in one basket.

and the entire remodeling that has been done graham can unpack it further in addition to adding color to what he put in the presentation importantly we are not throwing all of our eggs in one basket


And you will recall that we typically schedule most of our annual maintenance shuts during the fourth and first quarter of the year when demand is seasonally slower.

and you will recall that we typically schedule most of our annual maintenance shots during the fourth and first quarter of the year when demand is seasonally slower


using our data and received a very positive reaction. As a result of our improved audit performance and extended capabilities in analytics services,

using their data and received a very positive reaction as a result of our improved audit performance and extended capabilities in analytics services


This expected decline was driven by lower volumes in the quarter and the subsequent higher allocation per unit of the fixed component of cost of goods sold.

this expected decline was driven by lower volumes in the quarter and the subsequent higher allocation per unit of the fixed components of cost of goods sold


show some priority customer segments and we have now aligned resources and organization to be able to serve this customer in a more efficient way.

shown some priority customer segments and we have now aligned resources and organization to be able to serve this customer in a more efficient way


Turning specifically to the fourth quarter performance. In Washington, we had a reasonably solid quarter despite the early harsh February weather

turning specifically to the fourth quarter performance in washington we had a reasonably solid quarter despite the early harsh february weather


fully funded, season it for a quarter or 2 and then you're selling the conventional fees out for the gain on sale.

fully fund it season it for a quarter or 2 and then you're selling the conventional piece out for the gain on sale


is to cut costs as far as we possibly can. Every penny is turned over before being spent here,

is to cut costs as far as we possibly can every penny is turned over before being spent here


Quite frankly, it's a question of cost. And if you run the historical analysis within our balance sheet besides that it has been historically,

quite frankly it's a question of cost and if you run the historical analysis within our balance sheet besides that it has been historically


we have, for sure, an upside here from the dollar in H1. So I hope this clarifies what guided us when we were adjusting the currency assumptions.

we have for sure an upside here from the dollar in h1 so i hope this clarifies what guided us when we were adjusting the currency assumptions


until you get into the heat of battle. And so you have hopes and expectations perhaps through the bid season. And so as it played out in the first of the year, I think we found ourselves

until you get into the heat of battle and so you have hopes and expectations perhaps through the bid season and so as it played out in the first half of the year i think we found ourselves


Our decision to take a more conservative approach and commission the paper machine in stages to ensure a smooth ramp-up of production is what led to a slightly later startup.

our decision to take a more conservative approach and commission the paper machine in stages to ensure a smooth ramp-up of production is what led to a slightly later start-up


This will be essential in the further development of 5G and decisions on when, how and where to deploy.

this will be essential in the further development of 5g and decisions on when how and where to deploy


Our restaurant teams and field leaders are quickly responding to our recent pivot to simplify restaurant operations, and they are keenly focused on delivering an excellent customer experience.

our restaurant teams and field leaders are quickly responding to our recent pivot to simplify restaurant operations and they are keenly focused on delivering an excellent customer experience


the overall market environment in Western Canada remains uncertain. We do not expect the elevated product support revenues of the first quarter to continue in the coming quarters.

the overall market environment in western canada remains uncertain we do not expect the elevated product support revenues of the first quarter to continue in the coming quarters


That, combined with a decrease in sales in the Culture business, which is a noncore business but it's a significant piece of the business today,

that combined with a decrease in sales in the cultured business which is a non-core business but it's a significant piece of the business today


In Europe, the first quarter presented a challenging sales environment due to the combined impact of a mild winter across most of the regions which we operate,

in europe the first quarter presented a challenging sales environment due to the combined impact of a mild winter across most of the regions which we operate


In 2017, we expect to incur additional expense related to consulting, employee insurance and software licenses and advertising.

in 2017 we expect to incur additional expense related to consulting employee insurance and software licensing and advertising


that we were looking basically at different licensing agreement that were mostly related to 2 areas. One is the game features

that we were looking basically at different licensing agreement that were mostly related to areas one is the game features


in the near term to have more of an asset generator would definitely be attractive and probably have


there were parts of the structures business that could be more capably managed outside of their company. Would you be open to picking up some of those factories or businesses?

there were parts of the structures business that could be more capably managed outside of their company would you be open to picking up some of those factories or businesses


putting that business on the path to the record performance it's achieving today and accelerating sales growth for the future. I can think of no one more qualified to lead Lear going forward.

putting that business on the path to record performance it's achieving today and accelerating sales growth for the future i can think of no one more qualified to lead leer going forward


And lastly, the current therapies are injectable, and patients and physicians tell us, an oral acute therapy will make a big difference in patients' lives.

and lastly the current therapies are injectable and patients and physicians tell us an oral acute therapy will make a big difference in patients' lives


As you can see from our financial results I just discussed, the company's performance continues to improve and we're all positioned to continue the momentum.

as you can see from our financial results i just discussed the company's performance continues to improve and we're all positioned to continue the momentum


How do you think about the opportunities there to kind of integrate practices and maybe drive similar types of test reduction pricing for their test

how do you think about the opportunities there to kind of integrate practices and maybe drive similar types of test reduction pricing for their test


I'd also like to note that we have added a schedule, which summarizes GAAP and non-GAAP financial results discussed on this conference call, as well as key balance sheet and cash flow metrics

i'd also like to note that we have added a schedule which summarizes gaap and non-gaap financial results discussed on this conference call as well as key balance sheet and cash flow metrics


contemplated beyond atopic derm and also if you could give us any sense as to how the overall milestones may be allocated? Should we think of those as

contemplated beyond atopic dermat and also if you could give us any sense as to how the overall milestones may be allocated should we think of those as


Elsewhere in our Partnered Discovery segment, we've seen very encouraging progress. Novartis recently took another antibody from our collaboration into clinical development.

elsewhere in our partner discovery segment we've seen very encouraging progress novartis recently took another antibody from our collaboration into clinical development


We're getting ready to expand this program. To date, more than 5,000 drivers have registered for the smart phone app in our pilot states of Ohio and West Virginia.

we're getting ready to expand this program to date more than 5 000 drivers have registered for the smartphone app in our pilot states of ohio and west virginia


We believe that demand for IndiHome is huge, given the fact that Indonesia has more than 60 million household

we believe that demand for indihome is huge given the fact that indonesia has more than 60 million households


All I have to do is satisfy your emotional needs. As for your physical needs, I can address them differently. However, noodles

all i have to do is satisfy your emotional needs as for your physical needs i can address them differently however noodles


these numbers will change slightly because of the fact that we have a different phasing of some of the reorganization plan, which will lead to

these numbers will change slightly because of the fact that we have a different phasing of some of the reorganization plans which will lead to


With the kind of expansion that we're seeing with the applications of electric motors in a lot of different sectors within automotive and industrial,

with the kind of expansion that we're seeing with the applications of electric motors in a lot of different sectors within automotive and industrial


is that the food industry, which has been regulated, is about to become really regulated. And it will look like the Wild, Wild West was

is that the food industry which has been regulated is about to become really regulated and it will look like the wild wild west was


This decline was due to substantial savings which we achieved in the category from consolidating ReposiTrak as well as ongoing efforts to run our business more efficiently.

this decline was due to substantial savings which we achieved in the category from consolidating repoztrek as well as ongoing efforts to run our business more efficiently


how big of a swing do you expect as you go from Q1 to Q4? Shannon, we expect that we should have a sequential improvement from the

how big of a swing do you expect as you go from q1 to q4 shannon we expect that we should have a sequential improvement from the


So it's a little bit difficult for us to opine in terms of what the endgame is with the FDA. I think at this point in time, we can say that our studies to date support the safety and efficacy

so it's a little bit difficult for us to opine in terms of what the end game is with the fda i think at this point in time we can say that our studies to date support the safety and efficacy


how fitness grew on a constant-currency basis in the quarter, and then sort of that exit rate for the year would be helpful. And then secondly, on fitness,

how fitness grew on a constant currency basis in the quarter and then sort of that exit rate for the year would be helpful and then secondly on fitness


in 2019. Again based on what we are seeing thus far into the first quarter of this year, we are highly confident in achieving our full year guidance.

in 2019 again based on what we are seeing thus far into the first quarter of this year we are highly confident in achieving our full year guidance


After a 17% sequential improvement from the second to the third quarter, a less favorable mix and lower volumes of drill pipe contributed to the decline in the fourth quarter.

after a 17% sequential improvement from the second to the third quarter a less favorable mix and lower volumes of drill pipe contributed to the decline in the fourth quarter


we had a little bit of growth in working capital, a couple of the causation factors there. We along with most other companies built a lot of inventory around Brexit. And

we had a little bit of growth in working capital a couple of causation factors there we along with most other companies built a lot of inventory around brexit


These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.

these statements are not guarantees of future performance and are subject to certain risks and uncertainties therefore actual results may differ materially


The other benefit is the creation of unique market opportunities. Let me provide 2 practical examples, one opportunistic, the other more strategic.

the other benefit is the creation of unique market opportunities let me provide 2 practical examples one opportunistic the other more strategic


And while these events are incredibly motivating as a whole, it's the individual stories we hear that inspire us and confirm we're living our purpose to make this world healthier and happier.

and while these events are incredibly motivating as a whole it's the individual stories we hear that inspire us and confirm we're living our purpose to make this world healthier and happier


We will continue to maintain an active dialogue with the rating agencies to help them gain a better understanding of the data center industry and our conservative financial policy.

we will continue to maintain an active dialogue with the rating agencies to help them gain a better understanding of the data center industry and our conservative financial policy


because they're driving people to the web. And actually, this is again, in my view, an opportunity for us to show even more product,

because they're driving people to the web and actually this is again in my view an opportunity for us to show even more product


Our core range really is all about driving promotions, driving reasons to shop now and bringing that value again at every price point.

our call range really is all about driving promotions driving reasons to shop now and bringing that value again at every price point


diversification and operational efficiencies, all of which will help deliver significant value to shareholders for many years to come.

diversification and operational efficiencies all of which will help deliver significant value to shareholders for many years to come


which we're basically done, like we'll always be tweaking our teams and our leadership teams. But the actual integration is over from that perspective. So

which were basically done like we'll always be tweaking our teams and our leadership teams but the actual integration is over from that perspective so


Okay, and then my second question relates to Kaufhof. Can you speak to a little bit about what you expect constant currency growth to be for them next year if you have growth at all.

okay and then my second question relates to kahaf can you speak to a little bit about what you expect constant currency growth to be for them next year if you have growth at all


No, I think they tend to make decisions in some ways that are similar to Power Gen and some ways different. They clearly

i think they tend to make decisions in some ways that are similar to powergen in some ways different they clearly


This agreement is part of Varian's commitment to partner with the Brazil Ministry of Health to increase access to and quality of radiotherapy treatment in Brazil and Latin America.

this agreement is part of varian's commitment to partner with the brazil ministry of health to increase access to and quality of radiotherapy treatment in brazil and latin america


and more about the user experience, just trying to keep it as easy as possible for people who engage with us on whatever terms they choose to engage. So

and more about the user experience just trying to keep it as easy as possible for people to engage with us on whatever terms they choose to engage so


I don't think it's anything to be alarmed about. We are happy that we were able to lower our inventory even more than we thought we were going to.

i don't think it's anything to be alarmed about we are happy that we were able to lower our inventory even more than we thought we were going to


the earnings from Phoenix, the capital return on the ongoing delivery of efficiencies from the merger. This gives us confidence in our progressive dividend policy.

the earnings from phoenix the capital return and the ongoing delivery of efficiencies from the merger this gives us confidence in our progressive dividend policy


Finally, on the sales volume front, we're excited to announce we began shipping the new parmesan ranch flavor as an addition to our retail segments line of Olive Garden dressings.

finally on the sales volume front we're excited to announce we began shipping the new parmesan ranch flavor as an addition to our retail segment's line of golde garden dressings


These increases were driven by strong visitation and robust guest spending on lift products as well as in our ancillary businesses across all of our western resorts.

these increases were driven by strong visitation and robust guest spending on lyft products as well as in our ancillary businesses across all of our western resorts


I'm pleased to say that our first quarter financial performance was a solid start to the year and positions us well to achieve our full year 2016 guidance

i'm pleased to say that our first quarter financial performance was a solid start to the year and positions us well to achieve our full year 2016 guidance


In addition, efficiency gains in marketing offset increased marketing activity. Overheads increased as a result of the higher bonus and inflation.

in addition efficiency gains in marketing offset increased marketing activity overheads increased as a result of the higher bonus and inflation


And I would say that compared to 5 or 6 years ago, the investments we're making on the technology side are much more offensive and forward-leaning,

and i would say that compared to 5 or 6 years ago the investments we're making on the technology side are much more offensive and forward leaning


The consumer value proposition of maize meal is therefore, expected to remain and will support our future performance.

the consumer value proposition of maize meal is therefore expected to remain and will support our future performance


We want to continue the good traction we've experienced in our beverage exports, in particular around Southern Africa and East Africa leveraging our base and our hubs in East Africa

we want to continue the good traction we've experienced in our beverage exports in particular around southern africa and east africa leveraging our base and our hubs in east africa


As Brett explained, the primary reasons for the increases were related to a new store, an acquisition in 2018 and the ramp-up of our charter business.

as brett explained the primary reasons for the increases were related to a new store an acquisition in 2018 and the ramp-up of our charter business


This direct consumer communication has improved messaging that resonates with our target consumer and is designed to grow volume and share in the joint care category.

this direct consumer communication has improved messaging that resonates with our target consumer and is designed to grow volume and share in the joint care category


we -- first quarter had unusually high plate in the mix. And that was an anomaly based on

we -- first quarter had unusually high plate in the mix and that was an anomaly based on


So we see that the consumer is interested and therefore, work with our customers on ways to get these healthy ingredients into our different products.

so we see that the consumer is interested and therefore work with our customers on ways to get these healthy ingredients into our different products


Okay. And then my second question, I know you're not going to be able to say too much on kind of the next steps in Fortuna, but I think there's the fear out there that

okay and then my second question i know you're not going to be able to say too much on kind of the next steps in fortuna but i think there's a fear out there that


And on the SIP side, what that basically is profits we recognize in the Delivery Systems business, particularly on percent complete accounting projects

and on the sip side what that basically is is profits we've recognized in the delivery systems business particularly on percent complete accounting projects


we may operate at peak levels closer to 5. And I'm not sure, if 4 would be the right floor as well.

we may operate at peak levels closer to 5 and i'm not sure we -- if 4 would be the right floor as well


do you have any plans to take advantage of the depreciation in the currency, given that you have a manufacturing base there, i.e. do you have plans to use it

do you have any plans to take advantage of the depreciation in the currency given that you have a manufacturing base there i e do you have plans to use it


It's real material, it's a commodity. So if we have to pay it, my friendly Japanese have to pay it, my friendly

it's your material it's a commodity so if we have to pay it my friendly japanese have to pay it my friendly


right now for our deferred tax assets, we have a full valuation allowance booked against those. So what that means is that

right now for our deferred tax assets we have a full valuation allowance booked against those so what that means is that


Those facilities are showing marked progress and clearly identifying the issues that need attention and implementing detailed recovery plans, which will result in sustained performance.

those facilities are showing marked progress in clearly identifying the issues that need attention and implementing detailed recovery plans which will result in sustained performance


We anticipate continued growth of this portfolio in the coming years, as we introduce additional oncology products into the market.

we anticipate continued growth of this portfolio in the coming years as we introduce additional oncology products into the market


I'm going to discuss how our efforts over the last few years to organically grow our internal investment resources, along with an increased focus on our marketing activities in the lower middle market,

i'm going to discuss how our efforts over the last few years to organically grow our internal investment resources along with an increased focus on our marketing activities in the lower middle market


Thank you. Then I would like to thank everyone for participating in our fourth quarter conference call. If you have any follow-up questions, there are contact details in the press release

thank you then i would like to thank everyone for participating in our fourth quarter conference call if you have any follow-up questions there are contact details in the press release


Turning to investments on Page 9. This function continues to be an area of strength for Kemper. We manage a diversified and highly rated portfolio that has performed well over time.

turning to investments on page 9 this function continues to be an area of strength for kemper we manage a diversified and highly rated portfolio that has performed well over time


Throughout our history, our company and platform has weathered many economic and currency cycles, while remaining committed to our 100-year plan.

throughout our history our company and platform has weathered many economic and currency cycles while remaining committed to our 100-year plan


Strong demand for our differentiated products across multiple end markets drove higher sales and a tuck-in acquisition, supported both top and bottom line results.

strong demand for our differentiated products across multiple end markets drove higher sales and a tuckit acquisition supported both top and bottom line results


This includes looking south of the border to promote our top-selling items. The core retail business still remains strong with excellent market share for our key products.

this includes looking south of the border to promote our top-selling items the core retail business still remains strong with excellent market share for our key products


oil with diluent and that is the cost of blending that appears here. So we are actually selling more volumes in Canada that what we are producing

with diluent and that is the cost of blending that appears here so we are actually selling more volumes in canada that what we're producing


as well as decisions on how to move forward in the best interest of meeting contractual obligations while also mitigating longer-term risk.


And we believe we have the processes and systems in place to mitigate those risks, and we have a very consistent structure in place when we open up a new community.

and we believe we have the processes and systems in place to mitigate those risks and we have a very consistent structure in place when we open up a new community


Though we are in the early stages of executing these multiyear plans, I am energized by the engagement of our associates and the alignment we have on executing the strategy.

but we are in the early stages of executing these multi-year plans i am energized by the engagement of our associates and the alignment we have on executing this strategy


Treatment with Elagolix was well tolerated with a hormonal add-back therapy substantially attenuating the side effects of Elagolix on bone mineral density and hot flashes.

treatment with elagolix was well tolerated with hormonal add-back therapy substantially attenuating the side effects of elagolix on bone mineral density and hot flashes


despite the impact from new competitive entrants and indirect biosimilar competition which have been in the European markets now for several years.

despite the impact from new competitive entrants and indirect biosimilar competition which have been in the european markets now for several years


That's why we are not running after buying another big company because we do have the capability and a clear vision of what we are going to do.

that's why we are not running after buying another big company because we do have the capability and a clear vision of what we are going to do


for the 3 years ended June 2019, with more of the remaining margin expansion coming through in fiscal '19 as we expect to have less costs to absorb

for the 3 years ended june 2019 with more of the remaining margin expansion coming through in fiscal '19 as we expect to have less cost to absorb


As we mentioned in Q2, we reviewed each store to ensure we had quality team members who are knowledgeable about flooring and available to serve our customers.

as we mentioned in q2 we reviewed each store to ensure we had quality team members who were knowledgeable about flooring and available to serve our customers


Our customers and end users look to us to bring innovation to this industry and our leadership in doing so continues to drive top line performance.

our customers and end users look to us to bring innovation to this industry and our leadership in doing so continues to drive top line performance


and the expectation of increased volumes as we approach the time bar and any potential additional remediation arising from continuous improvement of the group's operational practices.

and the expectation of increased volumes as we approach the time bar and any potential additional mediation arising from continuous improvement of the group's operational practices


And I'll talk about our advanced video platforms in a second. But when you consider that our next-gen video services and TV Everywhere products consist of very fat content offers

and i'll talk about our advanced video platforms in a second but when you consider that our next-gen video services and tv everywhere products consist of very fat content offers


Our second quarter results show the strength of our 2-platform business model as higher earnings at the utility and construction services businesses

our second quarter results show the strength of our 2 platform business model as higher earnings at the utility and construction services businesses


and higher natural gas retail sales margins in those jurisdictions that we do not have weather normalization or decoupling mechanisms in place.


There has been a continued focus on infrastructure spending at the federal level over last year. We are encouraged by the talks in Washington about the need for investment in our nation's infrastructure.

there has been a continued focus on infrastructure spending on a federal level over last year we are encouraged by the talks in washington about the need for investment in our nation's infrastructure


Its sophisticated ergonomic design that brings instant comfort is generating critical acclaim as Cosm has won a number of awards, including the Fast Company Innovation by Design Award

its sophisticated ergonomic design that brings instant comfort is generating critical acclaim apcosm has won a number of awards including the fast company innovation by design award


And given how much we've funded thus far, how much we have committed on our current development pipeline that we would be able to do that. In addition, we could take on

and given how much we funded thus far how much we have committed on our current development pipeline that we would be able to do that in addition we could take on


but I do have a significant level of confidence that as we move into 2018, given our pipeline and given where I know those deals are in the pipeline and the magnitude of them,

but i do have a significant level of confidence that as we move into 2018 given our pipeline and given where i know those deals are in the pipeline and the magnitude of them


make you aware that the conference we will have it on audio. So that means the formal part of our presentation

make you aware that the conference we will have it on audio so that means the formal part of our presentation


relation in there, it just still seems to imply a very strong second half Aerospace margin to get up to those numbers.

in there it just still seems to imply a very strong second half aerospace margin to get up to those numbers


The company does not undertake a duty to update these forward-looking statements. Our supplemental information and discussion on this call will include certain non-GAAP financial measures.

the company does not undertake a duty to update these forward-looking statements our supplemental information and discussion on this call will include certain non-gaap financial measures


overall performance in mortgage banking in 2018 reflects the diversity of our sourcing and syndication channels and our continued efforts to use our capital more efficiently.

overall performance of mortgage banking in 2018 reflects the diversity of our sourcing and syndication channels and our continued efforts to use our capital more efficiently


Then regarding our debt, we commented in the last quarter that we issued debt at the IRSA level.

then regarding our debt we commented in the last quarter that we should debt at the ilsa level


and the second for the treatment of rosacea. Aptar's Ophthalmic Squeeze Dispenser is also found on 2 new eye care products in Latin America.

and the second for the treatment of rosacea aptar's ocular mic squeeze dispenser is also found on 2 new eye care products in latin america


which are metal-based products. As part of its total offering, Alpha buys a lot of metal and basically passes through the price of that metal to its customers.

which are metal-based products as part of its total offering alpha buys a lot of metal and basically passes through the price of that metal to its customers


that the Sydney housing market is moderating, we are well positioned for further growth on the back of improving margins in our Victorian and Queensland portfolio

that the sydney housing market is moderating we are well positioned for further growth on the back of improving margins in our victorian and queensland portfolio


to reshape our portfolio to drive improved profitability from the Residential business. I'm really pleased with the progress that we've made in this respect.

to reshape our portfolio to drive improved profitability from the residential business i'm really pleased with the progress that we've made in this respect


Any such future warrants after March would be priced at a 30-trading-day average price based on the date of contractual commitment for leases.

any such future warrants after march would be priced at a 30 trading day average price based on the date of contractual commitment for leases


puts us in good stead in the marketplace. It is a premium product. We have a strong team out there. And as Peter said, we certainly have supportive partners.

puts us in good stead in the marketplace it is a premium product we have a strong team out there and as peter said we certainly have supportive partners


the answer to your second question is that no one can sit here today and determine how much of our flexible revenues are subject to


Ari will conclude the company's prepared comments by reviewing key aspects of our financial results that were published earlier today.

ari will conclude the company's prepared comments by reviewing key aspects of our financial results that were published earlier today


We are encouraged by the progress that we are making so far, but we're also aware that improving operations and returns at PHI will take time.

we are encouraged by the progress that we are making so far but we are also aware that improving operations and returns at phi will take time


Please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the Securities and Exchange Commission.

please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the securities and exchange commission


In order to help you understand the company and its results, we may make certain forward-looking statements. It is possible the company's actual results might differ from any predictions we make today.

in order to help you understand the company and its results we may make certain forward-looking statements it is possible the company's actual results might differ from any predictions we make today


Our progress is the result of a plan developed with the complete alignment of our board, its leadership and our management team.

our progress is the result of a plan developed with the complete alignment of our board its leadership and our management team


assessing what they're going to do and how they're going to handle that going forward. So they have a couple of alternatives but trying to figure out what's the right approach there.

assessing what they're going to do and how they're going to handle that going forward so they have a couple of alternatives but trying to figure out what's the right approach there


going forward into not only bolt-on opportunities now that we've got a good footprint in the Delaware, but also some step out in expansion opportunities that we're working on.

going forward into not only bolt-on opportunities now that we've got a good footprint in the delaware but also some step-out and expansion opportunities that we're working on


Devon recently announced the potential divestiture of certain properties in Johnson County, an area that was not competing well for ongoing capital investments in their portfolio.

devon recently announced the potential divestiture of certain properties in johnson county an area that was not competing well for ongoing capital investments in their portfolio


In fact, many of our existing manufacturing customers have a need for these production fasteners, which creates an exciting cross-sell opportunity.

in fact many of our existing manufacturing customers have a need for these production fasteners which creates an exciting cross-sell opportunity


The tax reform impact is more favorable than the neutral effect we initially expected as a result of further guidance that has been issued by tax authorities.

the tax reform impact is more favorable than the neutral effect we initially expected as a result of further guidance that has been issued by tax authorities


I would like to talk about the changes that we had in our center. As you saw in our Material Fact, I continue as the Director of the company and both

i would like to talk about the changes that we had in our structure as you saw in our material fact i continue as the director of the company and both


and a workplace where clinicians are able to operate to their fullest professional potential in an environment deeply respectful of their profession and their practice.

and a workplace where clinicians are able to operate to their fullest professional potential in an environment deeply respectful of the profession and their practice


We believe a distribution of this level provides an attractive yield at the current market price of our common units and enhances our ability to pursue our growth strategy.

we believe a distribution at this level provides an attractive yield at the current market price of our common units and enhances our ability to pursue our growth strategy


No, I don't think there's a rule of thumb. I think if you look at what happened in October and November in a 5- to 6-week period, it was the most volatile period

no i don't think there's a rule of thumb i think if you look at what happened in october and november in a 5- to 6-week period it was the most volatile period


I'll also remind you we're on a multiyear journey, and that this journey is one of transition building upon the best elements of Rotork. Let's take a look at our full year highlights.

i'll also remind you we're on a multiyear journey and that this journey is one of transition building upon the best elements of rotork let's take a look at our full year highlights


in all segments, which was a particular focus, as we talked about that in the Investor Day. And those should playing off and that should give us a good run rate going forward.

in all segments which was a particular focus as we talked about that in investor day and those fruit are playing off and that should give us a good run rate going forward


These forward-looking statements are subject to risks, uncertainties and assumptions that may cause actual results to differ materially from statements being made today.

these forward-looking statements are subject to risks uncertainties and assumptions that may cause actual results to differ materially from statements being made today


on how to apply that technology in their specific environment. The deduction management application came from that, and we expect to

on how to apply that technology in their specific environment the deduction management application came from that and we expect to


and what sounds like an attractive category dynamics in specialty inks. What do you think is the right growth rate to think about, given these factors in place?

and what sounds like an attractive category dynamics in specialty inks what do you think is the right growth rate to think about given these factors in place


On profitability, the currency didn't help us. I would say, the main reason is the integration plan that we started last year

on profitability the currency didn't help us i would say the main reason is the integration plan that we started last year


The event will be open to analysts and institutional investors by invitation, and there will also be a live webcast, so those unable to attend in person can view the presentations.

the event will be open to analysts and institutional investors by invitation and there will also be a live webcast so those unable to attend in person can view the presentations


That said, we were told to expect after Chinese New Year that the China -- the carriers would begin issuing tenders and awarding business.

that said we were told to expect after chinese new year that the china -- the carriers would begin issuing tenders and awarding business